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CAC Enforces N100m Minimum Capital for Firms with Foreign Participation
James Emejo in Abuja
The Corporate Affairs Commission (CAC) has directed companies with foreign interests to comply with the N100 million minimum Paid-up Capital in line with its Revised Handbook on Expatriate Quota Administration 2022.
The commission disclosed this in a statement in a public notice made available to THISDAY.
The CAC warned that moving forward, processing any application for the incorporation of a company with foreign participation would depend on adherence to the specified requirement.
It said any application for incorporation that fails to meet the requirement will not be declined.
The statement read, “The Commission wishes to notify the General Public that it has, in line with the Revised Handbook on Expatriate Quota Administration (2022), commenced the implementation of the requirement of N100,000,000 Minimum Paid-up Capital for Companies with foreign participation.
“Accordingly, any application for incorporation of a Company having foreign participation shall not be processed unless it complies with the above requirement.”
It also ordered companies with foreign participation having less than N100 million in minimum capital to immediately align with the new directive within six months of the notice.
Separately, the commission said it has partnered with the Federal Inland Revenue Service (FIRS) to reinvigorate existing collaboration in realising their respective mandates.
This was disclosed by CAC Registrar General/Chief Executive, Hussaini Ishaq Magaji, while receiving the FIRS Executive Chairman, Mr. Zacch Adedeji.
The registrar general said the visit was to further cement the already existing collaboration between the CAC and FIRS as well as familiarise them.
Responding, Adedeji, stressed the need to have a robust inter-agency relationship to make FIRS perform better.
He stressed that while the CAC registers and nurtures companies, the FIRS awaits the companies to mature before it begins to assess them. He further stated that the FIRS relies on the CAC to drive voluntary compliance by obtaining data from the Commission.
